Toronto rents have dropped 9.4% — here’s what the current renter’s market looks like from a renter’s P.O.V.

Average Toronto rent prices

As of February 2025, the average asking rent in Toronto for a one bedroom apartment was $2,370, $3,081 for two bedrooms and $3,633 for three bedrooms, according to Rentals.ca.

The past month, I’ve been on the hunt for a two bedroom apartment, so my personal experience exploring the market is shaped by those parameters.

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Rents have gone down, but what kind of places are actually out there?

In looking for a new apartment to call home, I attended at least 20 showings. Among them there were definite no’s, plenty of maybe’s and a handful of yes’ worth applying for. The places I viewed ranged from as low as $2,400/month and as high as $3,000/month. Their prices varied depending on size, location, number of bathrooms, utilities and non-essential features, like balconies.

Here are some standout things I noticed (both positive and negative) while looking for an apartment in Toronto:

There are hidden costs

While some apartments seemed pretty affordable up front, there was more than meets the eye in terms of the asking rent price in the listing. When I went to view some units on the lower end of the price spectrum, I was met with additional costs that were not mentioned in the listing. Sometimes this would include utilities that weren’t included in the rent price, coin laundry fees and internet. One unit I saw charged $65/month for an in unit laundry machine, which made the place an immediate no for me.

If you’re looking to rent a parking spot, this is typically another additional fee for the units that have them. While one apartment I saw included a garage parking spot free of charge, most that had available parking spots charged $80 to $150/month for them. Even if you opt for street parking, you’ll be paying around $30/month for it, so it’s worth keeping that in mind when determining your budget for a new apartment.

Having outdoor space is a real possibility

Green space is certainly not the first thing you think of when you envision living in Toronto. That being said, many of the units I viewed did have some sort of outdoor space available — though it was more grey than green.

Whether it be a shared backyard with other units, a porch or a balcony, it is possible to find a space to enjoy fresh air in a Toronto apartment.

You can’t always trust photos

The photos in apartment listings are varied. Some are likely professionally done, and others are definitely not. That being said, it is often worth it to check out the places that don’t have the best photos — so long as their description and price is right for you — as you truly can’t know what to expect until you see the place. Many blurrily-photographed places ended up being top contenders in my apartment hunt, and some that looked nice online turned out to be quite dingy.

More square footage isn’t always better

Having ample space in your apartment is ideal, but it’s worth noting that sometimes the higher square footage may be due to an unconventional layout. For instance, I saw a lovely apartment that was great on paper, but had no storage space and its only bathroom was in a windowless basement corner. Unfortunately, the pretty stained glass windows and cute front porch weren’t enough for it to be worth it.

Getting an edge as a renter

With all these factors in mind, I was able to find an apartment that was the right fit for me. And after going through this process, I’ve also come to gain some insight on what it takes to have an edge as a prospective tenant.

Be ready to apply

Most apartment applications require the same basic components — a credit report, job letter, references (both from personal connections and prior landlords) and proof of income, like a payslip.

When you are ready to start applying for apartment rentals, it’s best to have everything prepared so you can be first in line for units that you’re interested in.

See as many places as possible

While it is a tiring process, seeing as many places as possible can help you have a better idea of what types of units are out there, and what you can use as leverage for places you’re interested in.

Practice your negotiation skills

In an interview with CBC, Errol Paulicpulle, a real estate agent with Harvey Kalles Real Estate, shared that there are more rental properties available than there were a year ago. With that in mind, renters are not holding back from negotiating when making offers on apartments, so you should definitely consider amping up your negotiation skills to ready yourself when making an offer.

Paulicpulle told CBC: “The tenants who are moving in are asking for more things … Both sides have sensed that there's a change in the market. The tenants have sensed that they have a bit more leverage and most of the landlords have sensed that they need to be a little more flexible."

I was able to knock $150 off the asking price for the apartment I just signed a lease on, and it didn’t take much haggling.

Know your rights

Above all else, knowing your rights as a tenant is one of the best ways you can be prepared when looking for an apartment. This can save you a lot of strife down the line and ensure you have a keen understanding of what is legal when it comes to the state of the apartment you want to rent, the details of the lease and future rent increases. Consider brushing up on the Ontario Residential Tenancies Act so you can be prepared to stand up for yourself as a renter.

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It’s a renter’s market, so find what’s best for you as a renter

If you’re a renter in Toronto, now is the time to take advantage of lower rents and find the best unit for you. Who knows, maybe you can negotiate a lower price and tuck the money you save on rent into savings to buy a home in the future.

Sources

1. Rentals.ca: December 2024 Rentals.ca Rent Report (Jan 13, 2025)

2. Rentals.ca: March 2025 Rentals.ca Rent Report

3. CBC: Rents dropping for apartments and condos in Toronto, experts say (Jan 6, 2025)

4. Government of Ontario: Residential Tenancies Act